STIP Grant Anticipation Notes.

This bill authorizes local governments in North Carolina to borrow money to accelerate specific transportation projects that are scheduled for funding under the State Transportation Improvement Program. To access these funds early, localities must sign an expedited agreement with the Department of Transportation that outlines project details, financial forecasts, and a repayment plan. The borrowed money, known as grant anticipation notes, must be repaid solely from the future state or federal grant funds and cannot exceed the total amount of that funding. Additionally, the bill requires the Department of Transportation to ensure that any changes to the state's transportation plan do not delay the repayment of these notes.